Rich Dad Poor Dad

[KLCC]

You'll came out poor from attending Rich dad/Poor dad seminar....

Marketplace did an article a while back
http://www.cbc.ca/marketplace/2010/r..._dad/main.html

[jjmac]

Originally posted by Cos


Seriously he is teaching someone how to be 'rich' and charging her $1000.00 a day to do it and he isnt even remotely accountable for his actions? When people do this to seniors it is called fraud and they go to jail.

I see where you're coming from and in all honesty I've never read his books nor attended any of his seminars back up his "How to be rich" theories.

But ultimately, she made a choice to pay $1000/day to attend seminars/buy his books etc... she also has the choice to stop right? I suggest that if you believe she is being scammed and you know her personally and care for her financial well-being, then I would have a talk with her.

And I'll go back to what I said earlier anyone can buy a book, an idea, a value but without implementation it's considered worthless. Anyone can pick up a "how to lose weight" or "how to gain weight" book or magazine but if they don't hit the gym or eat properly then it's a dead end.

[JDMsomething]

Originally posted by anschutz_92


What I drive: WRX / Soarer

As you can see I am not on here everyday and don't update my profile...that is 2 years old. Thanks for pointing it out I will change it. I drive a BMW 323 now. =D


But in all honesty coming from someone who has read his books, and attended some of his seminars which aren't cheap. (between 3000-5000 per weekend seminar)

I put what I learned to use and started buying real estate. My return on investment from what I learned has been astronomical to the amount of money I put in.

Have a good weekend

[Cos]

Originally posted by jjmac


I see where you're coming from and in all honesty I've never read his books nor attended any of his seminars back up his "How to be rich" theories.

But ultimately, she made a choice to pay $1000/day to attend seminars/buy his books etc... she also has the choice to stop right? I suggest that if you believe she is being scammed and you know her personally and care for her financial well-being, then I would have a talk with her.

And I'll go back to what I said earlier anyone can buy a book, an idea, a value but without implementation it's considered worthless. Anyone can pick up a "how to lose weight" or "how to gain weight" book or magazine but if they don't hit the gym or eat properly then it's a dead end.

Dont get me wrong I see where you are coming from. We have all tried to talk to her. Just imagine one of your family members who are emotionally compromised being taken by someone like this. Her only obsession (and escape from reality) is that she can return to her old life. It is quite sad.

Same can be said about people who provide severely overweight people with an option in a pill, they arent going broke but are sacrificing their health because of major complications that will arise.

Originally posted by JDMsomething


As you can see I am not on here everyday and don't update my profile...that is 2 years old. Thanks for pointing it out I will change it. I drive a BMW 323 now. =D


But in all honesty coming from someone who has read his books, and attended some of his seminars which aren't cheap. (between 3000-5000 per weekend seminar)

I put what I learned to use and started buying real estate. My return on investment from what I learned has been astronomical to the amount of money I put in.

In fact I am off to my lawyers today to pick up a cheque for a deal that just closed for $100,000.00 =D

Have a good weekend

I call BS. People with money dont talk about it. Should I mention how much my paycheque cleared today? Or my expenses? I bet it is more today than some people make in a month, or even two, on this site.

[max_boost]

Originally posted by Cos


Dont get me wrong I see where you are coming from. We have all tried to talk to her. Just imagine one of your family members who are emotionally compromised being taken by someone like this. Her only obsession (and escape from reality) is that she can return to her old life. It is quite sad.

Same can be said about people who provide severely overweight people with an option in a pill, they arent going broke but are sacrificing their health because of major complications that will arise.



I call BS. People with money dont talk about it. Should I mention how much my paycheque cleared today? Or my expenses? I bet it is more today than some people make in a month, or even two, on this site.

People with money scared to get jacked/robbed etc. so they tend to stfu lol

[mazdavirgin]

Originally posted by jjmac


I see where you're coming from and in all honesty I've never read his books nor attended any of his seminars back up his "How to be rich" theories.

But ultimately, she made a choice to pay $1000/day to attend seminars/buy his books etc... she also has the choice to stop right? I suggest that if you believe she is being scammed and you know her personally and care for her financial well-being, then I would have a talk with her.

And I'll go back to what I said earlier anyone can buy a book, an idea, a value but without implementation it's considered worthless. Anyone can pick up a "how to lose weight" or "how to gain weight" book or magazine but if they don't hit the gym or eat properly then it's a dead end.

May I interest you in a fine business opportunity?! Amway is the business for you! If you don't make it in Amway it's because you weren't doing it right!

[supe]

Although I dont advocate his principles, at the very least it would get you off your ass and try to make some real money.

That step alone is more than most people will ever do, truthfully myself included. You get so complacent running through the rat race that you never spend the time, never take the risks and always make another excuse to not to try to be rich.

[dimi]

Originally posted by anschutz_92


What I drive: WRX / Soarer

Go buy some baller/expensive car, preferably on credit. Then you'll be rich for sure.

[jjmac]

Originally posted by mazdavirgin


May I interest you in a fine business opportunity?! Amway is the business for you! If you don't make it in Amway it's because you weren't doing it right!

Obviously take any opportunity with a grain of salt. Do your research, try it out, if it works for you and those you cater to great, if it doesn't work pursue another.

[sputnik]

NSFWish





While the Rich Dad Poor Dad seminars aren't a pyramid scheme. They certainly don't care if you make money or not, just that they get a portion of your money first. Which is basically the same thing as Amway, MaryKay, Tupperware etc.

[TheRealTimHorton]

Originally posted by Cos

I call BS. People with money dont talk about it. Should I mention how much my paycheque cleared today? Or my expenses? I bet it is more today than some people make in a month, or even two, on this site.

I think this is wrong... If someone is merely bragging about it, then it's more of a maturity issue than anything. Aside from that, I think people with money SHOULD talk about it. Share ideas on how to get more, advice on money, spreading the wealth, why is this guy making double what this guy is making, etc. On CNBC theres an entire show devoted to people talking about how they made their millions of dollars.

Why not talk about it?

In fact, do share with us how much your paycheque cleared and give me some advice on how I can get my paychecks to that size.

[Cos]

Originally posted by TheRealTimHorton


I think this is wrong... If someone is merely bragging about it, then it's more of a maturity issue than anything. Aside from that, I think people with money SHOULD talk about it. Share ideas on how to get more, advice on money, spreading the wealth, why is this guy making double what this guy is making, etc. On CNBC theres an entire show devoted to people talking about how they made their millions of dollars.

Why not talk about it?

In fact, do share with us how much your paycheque cleared and give me some advice on how I can get my paychecks to that size.

All this guy says is nah nah I have a BMW 323i and I am cashing $100,000. How is that beneficial?

If I want to know how to actually grow my money I speak to people I know have done well and learn from them (mainly CFO, direct boss, friends who are doing better than me). I am not going to ask someone on beyond who claims a single book and source as their point of wealth putting them in the top 1% of earners in Canada.

People who grow money and help other people grow money dont typically talk about their net worth to people they know, let alone people on the internet. The people I know who have money here and help me talk through PM's and even then they dont tell me how much money they made. All they say is that they expect this trend to continue, they see this happeneing, the invested in such and such. They dont message me and go, dude..... Pengrowth was a sick buy I made $65k today. They say that they bought into Pengrowth and are now looking for a new car and want to know if Im free for a beer tonight.

[TheRealTimHorton]

Originally posted by Cos


All this guy says is nah nah I have a BMW 323i and I am cashing $100,000. How is that beneficial?

I never said what he said was beneficial.

Originally posted by Cos

If I want to know how to actually grow my money I speak to people I know have done well and learn from them (mainly CFO, direct boss, friends who are doing better than me). I am not going to ask someone on beyond who claims a single book and source as their point of wealth putting them in the top 1% of earners in Canada.

Good reiteration of what I said.

Originally posted by Cos

People who grow money and help other people grow money dont typically talk about their net worth to people they know, let alone people on the internet. The people I know who have money here and help me talk through PM's and even then they dont tell me how much money they made. All they say is that they expect this trend to continue, they see this happeneing, the invested in such and such. They dont message me and go, dude..... Pengrowth was a sick buy I made $65k today. They say that they bought into Pengrowth and are now looking for a new car and want to know if Im free for a beer tonight.

Don't "typically" talk about it, I agree. But there are some who do, and like I said, it is usually a maturity thing.

How is the example story you wrote any different from what JDM wrote? He made an investment into a real estate course, used what he learned to make a good amount of money, and responded to someone who made a quirk about his car. Additionally he stated how much his most recent deal closed for, which doesn't discredit or further credit any of his statements, it just sheds a different light on his personality.

Overall, good reiteration of what I wrote.

I'll PM you and ask you about your financial under-goings because that is the way you prefer to do things.

[Cos]

Originally posted by TheRealTimHorton


I never said what he said was beneficial.



Good reiteration of what I said.



Don't "typically" talk about it, I agree. But there are some who do, and like I said, it is usually a maturity thing.

How is the example story you wrote any different from what JDM wrote? He made an investment into a real estate course, used what he learned to make a good amount of money, and responded to someone who made a quirk about his car. Additionally he stated how much his most recent deal closed for, which doesn't discredit or further credit any of his statements, it just sheds a different light on his personality.

Overall, good reiteration of what I wrote.

I'll PM you and ask you about your financial under-goings because that is the way you prefer to do things.

Seems that we agree. I thought you were saying what he was talking about was beneficial. I just dont think that a fair answer to "nice car" should be anything but "I can afford more, but I dont really NEED more, I like my car thank you"

[TheRealTimHorton]

And to boot... I know all to well about the maturity thing because when I made my first few successful trades in my starting days off RIMM I couldn't stop bragging to my brother and my friends about it. lol In fact, I will probably do it again on my next huge gain because I'm still a kid and I can act like that.

It shouldn't discredit my intelligence or my ability though. It should just allow me to come across as immature. I can live with that.

[bitteeinbit]

Does his "system" apply to Canadians? In terms of taxe sI mean. Might be worth looking into his book but like others said, most of these "motivational" books are fluff: "I make lot's of money, wanna know how? Invest in real-estate!"
Nothing new or mind blowingly revealing about the fact that "having a 9-5" job will make you rich. i do my own taxes and know how to write off lot's of stuff, but I probably have only scratched the surface of that vast ocean of knowledge.
Still, in that video the radio host was also being somewhat of a dick so as far as I can tell they both are somewhat arrogant pricks.

[JDMsomething]

I did not mean for it to be a "nah nah type comment". I was just answering the original response to my post which was implying because I drove a WRX / Soarer that I don't or can't make lots of money.

Let's be honest here I didn't say what I drive to rub it in someones face. A 323 is a pretty average Car and lots of people have them. Just stating that I no longer have any JDM's, and slightly upgraded.

To add some benefit to this thread I will share how I made money because I'm feeling good about the deal and the weekend is off to a great start.

------------------------------------------------------

Basics of the deal. I found a home that was under tax assessed value on Com Free in Edmonton. The Tax assessed value was
$340,000.00, and they were asking $330,000.
I kept my eye on it, checked it everyday and noticed they reduced it from $330,000 to $300,000. I thought that a ~10% drop in 1 swing must mean they want to sell quick and I could get a good deal.

I called and was prepared to pay $275,000 knowing that the house needed some renos. Luckily for me, she did all the negotiations for me and told me that her absolute bottom line was $260,000. I faxed her an offer to sign right after we talked because I did not want to lose the deal. She explained that it was a bit weird but did it.

The reason I faxed her an offer to sign before I had even looked at it was for 2 reasons:

1. Puts me in control
2. I officially took the property off the market for 2 weeks while I was removing conditions.

After I looked at the house, I called her up and said the best I would do was $250,000 closing in 20 days. She agreed and the game begun.

How I structured the deal was that we would do 20% down to avoid CMHC fees, and so we could get an interest only LOC for the $200,000 that can be paid out anytime.

****The strategy I used was this....Buy under valued, renovate to bring up the value, refinance at new value****

So Basically we did a full reno, new everything in the entire house. AND we did a 3 bedroom basement suite. This was one of the reasons we wanted the house to begin with because the cash flow potential is astronomical.

Anyways, after a few months we have the place fully renovated, and after paying out our 200,000 and getting our 50,000 back we had the house re-appraised and it came in at $430,000.

So we cashed out by refinancing based on the total value
Have ~$60,000 equity in the property
and it is cashflowing ~$1500 / month.

There is obviously a lot more detail to this deal, but I just wanted to show that you can make a killer amount of money in little time.

Was my investment into some seminars worth it? I definitely think so, that was a 1 time expense, and I have that knowledge forever.

You need to change your mindset and realize that deals like this do exist in Alberta, and in your area, you just must be diligent AND be ready to recognize them.

I just hate when threads like this pop up because negative people like to believe that nothing is possible. I started this only 2.5 years ago and now I do this full time. I am still in my mid twenties, and when I started, I was $20,000 in debt with no real estate knowledge.

You also do not need any money or credit to start, and that is some of the valuable things they teach you....how to get going with no credit, no experience and no money!

[Mys73ri0]

Originally posted by JDMsomething

You also do not need any money or credit to start, and that is some of the valuable things they teach you....how to get going with no credit, no experience and no money!

How do you plan on financing a loan for the house if you have no credit, capital or cash flow?

You indicated you put down 20% for the rental. Where is the average person going to come up with $50k to start doing this type of investing?

<edit> to the person who stated the lady can stop getting scammed... the whole point of the scam is that you don't know its a scam until it's too late...

[anschutz_92]

Originally posted by JDMsomething
Last response

lol I only quoted what you drive because it makes you look like an 18 year old with high dreams. If you had a 2004 Toyota Camry I wouldn't have found it relevent but what ever.

Anyways what you are doing is still higher risk than most investments. You have a lot of "what ifs" in buying something physical like real estate. You are also likely putting a lot of time into these renovation projects. If you were to take that time and put it into any other endevour would you also not be making more money?

[JDMsomething]

Originally posted by Mys73ri0


How do you plan on financing a loan for the house if you have no credit, capital or cash flow?

You indicated you put down 20% for the rental. Where is the average person going to come up with $50k to start doing this type of investing?

&lt;edit&gt; to the person who stated the lady can stop getting scammed... the whole point of the scam is that you don't know its a scam until it's too late...

You do not always need to buy it yourself when you are starting out. In fact some of my first deals I didn't qualify OR put any money up. Its called Joint Venture Partners. If you have a great deal, people will do the deal with you.

An example, I found another property approx 20% below market value, and found an investor who is both putting up the down payment and qualifying for half the deal. He wins because he does not have the time or knowledge on how to make a profit in real estate, and I benefit by not having to tie up my money or credit.

Originally posted by Mys73ri0


lol I only quoted what you drive because it makes you look like an 18 year old with high dreams. If you had a 2004 Toyota Camry I wouldn't have found it relevent but what ever.

Anyways what you are doing is still higher risk than most investments. You have a lot of "what ifs" in buying something physical like real estate. You are also likely putting a lot of time into these renovation projects. If you were to take that time and put it into any other endevour would you also not be making more money?

I guess I fail to see where the risk is. I bought a property ~90,000 under market value to begin with. Put in some time + $ and made a nice $100,000.00 TAX FREE and ongoing cash flow of $1500 per month, with an asset worth 430,000 with ~60,000 equity. AND I now have none of my own money left in this deal it is all pulled out.....Where is my risk again?

Once you know what to look for you eliminate a lot of the "what ifs". What are some of these "What Ifs?" that is stopping you?

I hire contractors to do most of the work so Although in this project I probably put in close to 200 hours. I still think the $ / hr, and the ongoing cash flow is worth it.

IMO buying something like stocks and mutual funds is WAY riskier because of these reasons:

1. You are not in control of the company
2. You are not in control of the stock market
3. You are not in control if they decide to reduce your holdings (example a reverse split etc)
4. Your ability to leverage is much less
5. The gains from stocks are taxed as capital gains income which is the highest tax bracket.

I know people make money doing this, but in my eyes it is gambling UNLESS you are a full time stock trader and know what you are doing. But to pick say....FTT.TSX and hope it goes up....may as well just go shoot some dice at the casino =D


Why I do not believe real estate IF DONE CORRECTLY (the reason I say this is because there are also people who go "Oh, I will buy a condo in this new development and hope it goes up!" This is the same as the stocks.) is high risk:

1. You can control a piece of property worth $500,000-$50,000,000 with as little as $2.00, $100, or $1000 just depends how well you negotiate.

2. You are in control of the terms, and can literally make how much you want within reason.

3. You are in control of when you sell it, and how.

4. If the market drops and it is cashflowing, it is still making you money so you don't HAVE to sell it.

5. You can leverage money and even sometimes get no money down deals. Making your risk almost nothing.

6. It is something you can touch, feel, and go look at, it isn't just a cyber certificate floating around the internet.